Crypto.com postpones plans to launch in South Korea after local news outlet Segye Ilbo reported on Monday that the exchange platform is facing “urgent on-site inspection” due to money laundering concerns Then he announced.
The report said that the Financial Intelligence Unit (FIU) under the Financial Services Commission of South Korea discovered “problems related to anti-money laundering data” submitted by exchanges and began on-site inspections on the same day.
“Crypto.com maintains the highest anti-money laundering (AML) standards in the industry. “We will make sure that Korean regulators understand our thorough policies, procedures, systems and controls in place,” the exchange said in a statement shared with CoinDesk.
The Block reported last week that Crypto.com denied hitting any roadblocks in its planned launch.
“Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to move the industry forward responsibly for the benefit of Koreans. Crypto.com is OkBit “We have not accepted any new customers in South Korea since our acquisition,” an exchange spokesperson said in a statement.
“At the time of the acquisition by Crypto.com, OkBit maintained approximately 900 customers and OkBit had never been cited for AML violations. Since the acquisition, access for existing OkBit customers has been limited to withdrawals. ing.”
